Matrix Composites & Engineering Ltd is pleased to announce it has been awarded a contract for the supply of drilling riser buoyancy modules to TransOcean.

The contract award has an expected value of A$4.0 million, with the modules scheduled to be manufactured and delivered in the first quarter of FY2024, and to be utilised for an upgrade to an existing Transocean drilling rig.

Including the contract announced, Matrix’s secured revenue from its Subsea business alone already stands at almost $50 million for next financial year (FY24).

This will build on the positive momentum Matrix has generated broadly across its operations in FY23, with revenue for the financial year currently expected to land between $45m to $50m, up from $28.6 million in FY22. Matrix was recently awarded over $3 million worth of orders for its Humidur Coatings solutions and LGS Pipeline Free Span correction equipment, reinforcing the Company’s diversified revenue base.

Matrix Chief Executive Officer Aaron Begley said the contract with TransOcean strengthens Matrix’s position as a premier supplier of drilling riser buoyancy modules.

“This latest award further enhances our industry-leading position in providing subsea buoyancy solutions, at a time of resurgent activity among offshore drilling companies globally,” Mr Begley said.

“Pleasingly, we remain in the running for approximately $90 million of near term subsea buoyancy opportunities, and continue to actively pursue the significantly larger, longer term quotation pipeline.”

Image caption: MATRIX BOUYANCY PRODUCTION LINE. Fully automated and designed using lean production and one-piece flow concepts (credit Matrix)